Microsoft launches $40 billion buyback program, raises dividend

Microsoft Corp said on Tuesday it would buy back up to $40 billion as a part of a new share repurchase program and raised its dividend by 8 percent.

The company raised its dividend to 39 cents per share, up 3 cents from the previous quarter.

Microsoft's shares were up 1 percent at $57.41 in extended trading on Tuesday.

(Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta)